Hapag-Lloyd agrees to buy SAAM's ports and logistics business for $1 billion

SAAMSAAM-TPG harbor in Ecuador (Image: SAAM)

The agreement covers 100% of SAAM Ports and SAAM Logistics as well as real estate assets related to the logistics business.

This agreement will provide SAAM with significant resources to focus on growing and expanding its air logistics and towing businesses. Estimated net profit is $400 million for SAAM.

SAAM will sell its ownership stakes in ten terminals in six countries in the Americas, bonded warehouses and integrated logistics operations to importers and exporters. The agreement also includes the sale of real estate assets where SAAM Logistics currently operates subject to relevant approvals and conditions being met.

SAAM has joint ventures with international port operators in several terminals. The company has a total container throughput of about 3.5 million teu by 2021.

“Investing in terminal infrastructure is a key element of our strategic agenda, and Latin America is one of our stronghold markets. Acquiring SM SAAM’s terminal operations and complementary logistics services will help us to further strengthen our business while building up a robust and attractive terminal portfolio,” said Rolf Habben Jansen, CEO of Hapag-Lloyd.

Most recently, Hapag-Lloyd expanded its presence in the harbor sector by announcing that it aims to acquire a minority stake in the Italy-based Spinelli Group, acquiring a stake in JadeWeserPort in Wilhelmshaven and invested in the construction of Terminal 2 at the Egyptian port of Damietta.

Hapag-Lloyd also has shares in the Altenwerder Container Terminal in Hamburg and in the Terminal TC3 terminal of the Moroccan port of Tangier.

Macario Valdés, CEO of SM SAAM, said, “This is good news for SAAM, its shareholders, and also for SAAM Ports and SAAM Logistics, as well as for employees and the communities in which SAAM Ports and SAAM Logistics operate, given the experience and financial strength of the new owner.”

This acquisition “will strengthen the company's capital structure and help us capitalise on a pipeline of organic and inorganic growth opportunities in the towage and air cargo logistics business divisions. Once the transaction is approved, SAAM will focus on the development of the above operations, which together account for approximately 55% of SAAM’s Ebitda,” he added.

“SAAM Towage is the third largest player globally thanks to the strategy we have deployed since 2019 with the acquisitions of the entire joint venture with Boskalis, the acquisition of Intertug, Standard Towing and Ian Taylor Peru, and the announcement of the purchase of Starnav's assets in Brazil. In addition, to strengthen our air cargo logistics strategy, we acquired 50% of Aerosan from American Airlines,” concluded Valdés.

Source: Phaata.com (According to Seatrade-Maritime)

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